The parlay betting system is pretty popular with US players who are trying to win a lot of money during a game session. It is considered a positive progression betting system as gamblers increase their bet size after every win. Probably, one of the most alluring factors of this betting strategy is that players are able to win loads of cash pretty quickly when you’re on a winning streak. It is important not to confuse parlay bets seen in sports betting with the betting system used for casino games.
If you would like to find out more about how to follow the parlay betting system, make sure to keep reading. We have created the ultimate guide to parlay bets online. Some of the topics we cover include explaining what the parlay betting system is, how it works, and the advantages and disadvantages associated with the strategy. We also list the best parlay online gambling sites for US gamblers. So, read on and start finding out more about this popular betting system.
Parlay Betting System Guide Contents
- Test Out the Parlay Betting System Here
- What is the Parlay Betting Strategy?
- Parlay Betting Explained – How It Works
- Advantages of Parlay Betting Online
- Disadvantages of Online Parlay Betting
As more gamblers identify the term “parlay” with a type of sports bet, we’ll explain how it differs from the betting system used in online casino gambling. In sports betting, a simple parlay bet definition would be a combination wager that strings in a number of single bets together into one big bet.
So, for example, this may entail putting multiple moneyline and spread bets on a single bet slip. Although parlays are very hard to win, the act of adding so many other outcomes to one betting slip sees the bettor’s odds of winning decrease, but their potential prize increase because they are unlikely to win it.
Circling back to casino gambling, the parlay betting system is a positive progressive strategy that acts as a polar opposite of the Martingale strategy. Basically, players increase their bet amount every time they win a bet and decrease it when they lose. The whole idea is to get to a point where players are only using their winnings to make wagers if they are lucky enough to go on an extended winning streak.
As mentioned above, the parlay betting strategy is straightforward to understand. If you are struggling with figuring out how it works and implement it in your next gaming session, we’ve got a three-step guide that is sure to make it all more manageable for you.
- Set a Betting Unit Amount – a betting unit refers to your initial bet size. Your first bet will always be one unit. If your first bet is US$10, then a single unit is US$10.
- Adjust Your Bet Size Following the Result – after you have placed your first bet and the result has been determined, you plan your next bet. So, if you won in the previous round, you will double the number of betting units. If you lose on your first bet, you stay at one unit. If your first loss comes after a winning streak, you will decrease your betting units.
- Set a Max-Win Amount – winning streaks do not last forever, which is why players need to set a max win limit before they start the streak again. So, let’s say your betting unit number is US$10 and you double your bet after each win, you could set your max win limit at US$160 before you start again with the streak. This would ensure that you lessen your chances of losing all your winnings in a single bet.
There are some advantages associated with making use of the parlay betting system that every player should keep in mind. These include the following:
- Smaller Bets Means Limited Losses – as mentioned above, the whole idea of this system is to get to the player to a point where they are using their winnings to make bets and not their starting bankroll. If you hit a winning streak and eventually it comes to an end, players will find that they have lost part of their winnings and not their actual bankroll.
- Players Are Not Limited to Even Money Bets – a lot of betting systems require players to stick to making even money bets. This is not true for parlay betting system, which is allows players to make any sort of bet they would like.
- Easy to Follow – the strategy is pretty easy to follow. Players make the decision of when to back away from the game, which can be pretty tricky when you’re on hot streak and you see potential bets reaching numbers you never thought possible.
- Players Profit on House Money – if luck is in your favor, you’ll be using house money to make a profit during your gaming session. This means no losses.
Everything that has advantages has got disadvantages too. We wouldn’t feel right without telling you all the cons of using this betting strategy:
- No Guaranteed Winning Streaks – in order to do win big, players need to go on a winning streak. If they are lucky enough to go on this winning streak, they also need to be careful of not risking too much and losing everything.
- Risk of Making Too Many High Odds Bets – as players are not restricted to even money bets, there is a chance that players could lose sight of the fact that many high-paying bets are high risk too. If you make too many such bets, you will risk you chances of walking away with a profit.